Unrepentant after Libor, Barclay’s has continued to make money however they can regardless of the law.  Anthony Jenkins, Barclay’s CEO, says the high risk, high reward culture has to change. There is nothing new under the sun.  On 27 July 2012, the Financial Times published an article by a former trader that stated that Libor manipulation had been common since at least 1991.

Banks arrive at the gold fix through matching buy and sell orders during a twice-daily telephone call. Miners, jewellers and central and commercial banks use the price fix to trade gold.  FCA report.

The FCA and several other regulators, including Bafin in Germany and the U.S. Commodity Futures Trading Commission, have indicated they are looking at the gold fix.  In years gone by, seats at the gold and silver fixing tables were a mark of distinction for a bank. But now, most banks do not want to be involved.

“A firm’s lack of controls and a trader’s disregard for a customer’s interests have allowed the financial services industry’s reputation to be sullied again,” said Tracey McDermott, the FCA’s Director of Enforcement and Financial Crime.